NCLAT says no to insolvency proceedings against Gujarat Ambuja Exports

The National Company Law Appellate Tribunal (NCLAT) has upheld an NCLT order setting aside a plea to initiate insolvency proceedings against Gujarat Ambuja Exports Ltd.

A three-member NCLAT bench upheld the order of the Ahmedabad bench of the National Company Law Tribunal (NCLT), which had set aside the plea of Samay Impex, an operational creditor of Gujarat Ambuja Exports Ltd (GAEL).

Earlier on February 17, 2020, the NCLT had dismissed the plea of Samay Impex to initiate corporate insolvency resolution process (CIRP) against GAEL on the ground of pre-existing dispute regarding the supply of goods.

"We find no legal infirmity